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December 15, 2011
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Blog, Securities Fraud
The Financial Industry Regulatory Authority (FINRA) has announced that it has levied a $2 million fine on Wells Fargo Investments, LLC. The fine is related to the sale of reverse convertible securities to more than 20 customers by a former registered representative, Mr. Alfred Chi Chen. The fine also resulted from a
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October 7, 2011
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Blog, Securities Fraud
Multiple outlets are reporting that a Manhattan federal appeals court has ruled that FINRA is not able to pursue fines by taking their members or former members to court. The case at the root of this ruling began more than a decade ago. The New York Times noted that “The surprise decision on appeal… came
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June 1, 2011
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Blog, Securities Fraud
According to the Investment News, David Lerner Associates Inc. has been accused of targeting unsophisticated and elderly customers while selling real estate investment trust shares without considering whether the illiquid security was suitable for its clients. The Syosset, New York-based brokerage, known for its
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May 18, 2011
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Blog, Securities Fraud
B.C. Ziegler and Company (CRD #61, Chicago, Illinois) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $12,500. Without admitting or denying the findings, the firm consented to the described sanctions and to the entry of findings that it failed to report information
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May 16, 2011
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Blog, Securities Fraud
Workman Securities Corporation (CRD #31898, Eden Prairie, Minnesota) recently submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and ordered to pay $700,000 in partial restitution to investors. The firm was also ordered to certify in writing to FINRA that it has established and
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May 16, 2011
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Blog, Securities Fraud
Cantor Fitzgerald & Co. (CRD #134, New York, New York) recently submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $15,000. Without admitting or denying the findings, the firm consented to the described sanctions and to the entry of findings that it failed to report the
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May 10, 2011
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Blog, Securities Fraud
The Financial Industry Regulatory Authority (FINRA) recently announced that it has fined Wells Fargo Advisors, LLC of St. Louis, $1 million for its failure to deliver prospectuses in a timely manner to customers who purchased mutual funds in 2009, and for delays in reporting material information about its current and
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April 15, 2011
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Blog, Securities Fraud
The Financial Industry Regulatory Authority (FINRA) recently announced that it has fined Jefferies & Company, Inc. $1.5 million for failing to disclose additional compensation received and conflicts in connection with the sale of auction rate securities (ARS). FINRA also ordered Jefferies to repay $425,000 in fees
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January 12, 2011
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Blog, Securities Fraud
The White Law Group is investigating claims on behalf of investors that invested in Charles Schwab’s YieldPlus fund. The Financial Industry Regulatory Authority (FINRA) recently announced that it has ordered Charles Schwab & Company, Inc., to pay $18 million into a Fair Fund to be established by the Securities
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November 24, 2010
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Blog, Securities Fraud
In 2009, FINRA announced that it had fined NEXT Financial Group, Inc., headquartered in Houston, Texas, $1 million for supervisory violations that primarily involved the failure to supervise its approximately 130 Office of Supervisory Jurisdiction (OSJ) branch managers, who typically supervise transactions and sales
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